Housing prices rise 6% in 50 cities during Oct-Dec

Chennai: Housing prices across 50 major cities rose by an average six per cent during October-December 2018 over the year-ago period, according to National Housing Bank data.

NHB RESIDEX, India’s first official housing price index (HPI), was launched in July 2007 to track the movement in prices of residential properties in select cities on quarterly basis.

“Composite [email protected] prices stood at 83 in June, 2013 and has moved up to 105 in the current quarter i.e December, 2018. The index has moved up with a CAGR of four over the years. The index increased by six per cent on year-on-year (y-o-y) basis,” National Housing Bank said in a statement.

In city-wise movements, the HPI recorded an overall increase in 44 cities, decrease in four cities and no change in two cities on y-o-y basis.

“Annual growth in HPI ranged from 25.8 per cent in Ranchi to (-) 2.9 per cent in Kanpur at the end of the quarter,” it added.

NT Bureau